Date: September 24, 2003
Source: News Room
Halliburton Co. (NYSE: HAL) will cease seeking to extend a bankruptcy court order blocking more than 200,000 asbestos injury claims against one of its units. The company is now preparing to make a Chapter 11 bankruptcy filing in November for its subsidiaries, including DII Industries, Kellogg Brown, & Root, and others involved in asbestos litigation. Once filed, the bankruptcy plan will automatically block any further asbestos claims, even if the court's stay expires. The total cost of the settlement could potentially exceed $4.5 billion. But in July, the company told investors it expected the final settlement to "modestly exceed" its estimates of $2.78 billion.
More information: www.halliburton.com.
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